Costco CFO discusses major overhaul to key services after 'dismal' rating and it will continue makin
COSTCO has announced plans to upgrade its website and mobile app for its members.
The warehouse retailer aims to please the digital age, acknowledging that many of its members shop online and use their phones to do so.
Costco chief financial officer Richard Galanti detailed its plan for “digital mobile transformation” to investors during its fourth-quarter earnings call.
The company shared its redesigned digital membership card, also available in its app.
Another change made is to its website which now includes a redesigned site header with a larger search bar.
Additionally, the site has message capabilities and a brand-new spot for advertisements in the app.
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Mr. Galanti also reminded folks that Costco opened a digital optical store that allows consumers to virtually try on glasses and then order them for pickup.
APP IMPROVEMENTS
The company will also be continuing to upgrade the app and offering in-warehouse shopping tools.
This includes a digital membership card, barcode scanning, a shopping list management tool, a warehouse savings tool, and the ability to see fuel prices for nearby gas stations.
Mr. Galanti added that each improvement has given Costco a better rating in the app store.
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He stated it’s gone “from a dismal 2.3 stars to currently 4.7 stars.”
While an exact date has not yet been given, Mr. Galanti said that users will be able to see the changes soon as Costco “plans to have small improvements in that app each month for the several months going forward.”
MEMBERSHIP CHANGES
Typically, Costco increases its membership prices nearly every five or six years.
Since the last price hike occurred in June 2017, it's not unlikely for Costco to increase its prices.
However, Mr. Galanti assured stakeholders that it has no immediate plans to hike its membership fees.
He also said that as inflation remains high, increased prices might be on the way sooner rather than later.
“With the headline being inflation, we feel very good about if we want to do it, we do it without impacting in any meaningful way renewal rates or sign-ups or anything,” Galanti said about the upcoming price hikes, which have never been formally announced.
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